<ARTICLE> 5 <MULTIPLIER> 1,000 <CURRENCY> US DOLLARS <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> AUG-31-1997 <PERIOD-START> SEP-01-1996 <PERIOD-END> NOV-30-1996 <EXCHANGE-RATE> 1 <CASH> 10,450 <SECURITIES> 42,164 <RECEIVABLES> 263 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 35,332 <PP&E> 10,896 <DEPRECIATION> 3,624 <TOTAL-ASSETS> 62,745 <CURRENT-LIABILITIES> 6,038 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 1,750 <OTHER-SE> 50,950 <TOTAL-LIABILITY-AND-EQUITY> 62,745 <SALES> 0 <TOTAL-REVENUES> 4,789 <CGS> 0 <TOTAL-COSTS> 6,457 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 126 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,794) <EPS-PRIMARY> (.10) <EPS-DILUTED> 0